H1 use of proceeds: 2018 and 2019 - Climate Bonds Initiative 2019...corporate Financial Corporate...
7
Key figures • • • • • • • 0% 20% 40% 60% 80% 100% 2018 2019 Year-on-year comparison of issuer types for H1 2018 and 2019 Loan Sovereign Government- backed entity Local government Development bank Non-financial corporate Financial Corporate ABS 0% 20% 40% 60% 80% 100% H1 2019 H1 2018 H1 use of proceeds: 2018 and 2019 Unalloc. A&R ICT Industry Land Use Waste Water Transport Buildings Energy 0 5 10 15 20 25 30 Jan Feb Mar Apr May Jun USD Billions H1 monthly volumes: 2017 - 2019 2017 2018 2019 0 30 60 90 120 150 0 5 10 15 20 25 USD Billions H1 2019 green bond issuance: Top 15 countries 2019 Cumulative issuance (RHS)
Transcript of H1 use of proceeds: 2018 and 2019 - Climate Bonds Initiative 2019...corporate Financial Corporate...
Key figures
•
•
•
•
•
•
•
0%
20%
40%
60%
80%
100%
2018 2019
Year-on-year comparison of issuer types for H1 2018 and 2019
Loan
Sovereign
Government-backed entityLocal government
Development bank
Non-financialcorporateFinancial Corporate
ABS
0%
20%
40%
60%
80%
100%
H1 2019 H1 2018
H1 use of proceeds: 2018 and 2019
Unalloc. A&R
ICT
Industry
Land Use
Waste
Water
Transport
Buildings
Energy 0
5
10
15
20
25
30
Jan Feb Mar Apr May Jun
USD
Bill
ion
s
H1 monthly volumes: 2017 - 2019
2017 2018 2019
0
30
60
90
120
150
0
5
10
15
20
25
USD
Bill
ion
s
H1 2019 green bond issuance: Top 15 countries
2019 Cumulative issuance (RHS)
H1 2019 green bond market report Climate Bonds Initiative 2
H1 2019 green bond market report Climate Bonds Initiative 3
0%
20%
40%
60%
80%
100%
Po
lan
d
Ind
on
esi
a
Fran
ce
Irel
and
Be
lgiu
m
Net
he
rlan
ds
Ho
ng
Ko
ng
Ch
ile
Sovereign green bonds allocations
Water
Adaptation
Land use
Waste
Transport
Buildings
Energy
0
1
2
3
4
5
Tim
es C
ove
red
5 of 13 sovereigns GB attracted higher book cover than vanilla equivalents
Green bond Vanilla basket
-35
-30
-25
-20
-15
-10
-5
0
Bas
is P
oin
ts
10 of 11 sovereigns GB achieved larger spread compression than equivalents
Green Bond Vanilla Bond
H1 2019 green bond market report Climate Bonds Initiative 4
0
5
10
15
20
25
30
35
40
2013 2014 2015 2016 2017 2018 H1 2019
USD
Bill
ion
s
Global green ABS issuance by country
Canada
Brazil
Australia
Netherlands
France
China
USA
0
10
20
30
40
2013 2014 2015 2016 2017 2018 H1 2019
USD
Bill
ion
s
After agency green MBS, Solar and PACE ABS form the largest part of ABS issuance
Agency ABS
Solar and PACE
Other
Chinese ABS
Auto ABS
H1 2019 green bond market report Climate Bonds Initiative 5
•
•
•
•
•
•
o
o
0
2
4
6
8
10
12
Am
ster
dam
Par
is
Du
blin LS
E
Bo
rsa
Ital
ian
a
Euro
TLX
All
Ger
man
SE
Mu
nic
h
Fran
kfu
rt
Stu
ttga
rt
Ber
lin
LGX
LuxS
E
Euro
MTF
SGX
Nas
daq
SE
Nas
daq
DU
Nas
daq
SB
SE
Nas
daq
DK
NA
SDA
Q
AIA
F
NYS
E
SSE
SIX
SZSE
OTC
Ch
ina
Inte
rban
k
Trad
eGat
e
Euronext LSEG German SE LuxSE SGX Nasdaq Others OTC
USD
Bill
ion
s
Euronext Amsterdam at the top of H1 2019 green bond listing venues
Certified Climate Bonds External review (excl CCB) No reviewRank: 1
2
3
8
25 36
4
7
10 11
20
5
9
19
6
12
1522 30 32
1314 16 17 18
H1 2019 green bond market report Climate Bonds Initiative 6
.
•
•
•
•
•
•
•
•
•
•
0
1
2
3
4
5
6
7
HSB
C
BA
ML
Cre
dit
Agr
ico
le
JP M
org
an
BN
P P
arib
as Cit
i
Bar
clay
s
Soci
ete
Gen
eral
e
Un
iCre
dit
SEB
ING
Dan
ske
Ban
k
Go
ldm
an S
ach
s
Deu
tsch
e B
ank
No
rdea
BB
VA
Mo
rgan
Sta
nle
y
Nat
Wes
t
Nat
ixis
Miz
uh
oUSD
Bill
ion
s
H1 2019: HSBC at No.1 of global green bond underwriter league table
US Muni deals (CBI data)
Sum without US Muni deals (Refinitiv data)
0
0.5
1
1.5
2
2.5
HSB
C
Cit
i
JP M
org
an
Cre
dit
Agr
ico
le C
IB
BN
P P
arib
as
BA
ML
CIT
IC
ICB
C
Soci
ete
Gen
eral
e
Stan
dar
d C
har
tere
d
ING
Ban
k o
f C
hin
a
Gu
ota
i Ju
nan
San
tan
der
AB
C(C
hin
a)
Miz
uh
o
PK
O B
ank
SPD
B
Ban
k o
f N
anjin
g
Mo
rgan
Sta
nle
y
H1 2019: HSBC was the largest green bond underwriter in emerging markets
Source: Refinitiv
H1 2019 green bond market report Climate Bonds Initiative 7
**Labelled green bonds not aligned with the Climate Bonds
Taxonomy (e.g. green bonds financing so-called “clean coal”)
www.climatebonds.net
Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this document should be taken as such, nor should any information in this communication be relied upon in making any investment decision. Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws. A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.
145.4 Bn
